Multifamilies in Vermont

[Aaron Leger]

Hello Biggerpockets. Just about to finish my second flip and want to start buying some multi units. I’ve been looking at Vermont and New Hampshire as my likely candidates (live in mass) and I was wondering what peoples experiences and thought on Vermont investing are. Yes, I’m aware it’s small and an agrarian economy. No, I don’t want apartments in Worcester or Boston lol. Okay go!!!  

[Kate Barry]

Hi there!   I am a MF Investor, property manager, and it's one of my specialities as a Realtor in Southern VT & NH.  I'd be happy to talk to you more about the pros and cons of investing here and I also host a real estate meet up every month in Brattleboro VT. 

One thing to note about the MF industry here, at least in Southern Vermont, is that you have to deal with very very old properties.  Most of the MFs were built circa 1900, and another thing to consider is that Vermont has no building codes.  Many towns don't even have Zoning - where I live and work, many of the towns you don't have to even pull a permit unless you're working on the septic system.  When investing in VT & NH I think the best strategy is the long game, buy and hold, because if you are trying to flip it can be very very difficult unless you are able to do the work yourself, and do the work quickly.  

A huge plus for our area is that rental demand is very high and inventory is very very low. So you will not experience vacancies and if you can provide a really nice property you can charge top of market value very easily. There is also the benefit of having the demand for multiple types of rentals - long term, short term & midterm. Vermont's main industry is tourism, so sometimes you can find a property that actually functions better as a STR. And you will find very little regulation and government restrictions as compared to doing this in other states, like Massachusetts!